§31-15-7. Loans to industrial development agencies or enterprises
for projects.

(a) When it has determined upon application of an industrial
development agency or an enterprise that the establishment or
acquisition of a particular project has accomplished or will
accomplish the public purposes of this article, the authority may
contract to loan such agency or enterprise up to one hundred
percent of the estimated cost of such project from any or all of
the following sources:

(1) The proceeds of bonds or notes issued by the authority
pursuant to this article;

(2) Moneys in the fund available to make loans; or

(3) The investment in such loans by the board of investments
through the consolidated fund of the state as provided in this
article.

(b) Loans made under subsection (a) of this section shall be
subject to the following conditions:

(1) If the authority is providing less than one hundred
percent financing for the project, the authority shall determine
that other sources of funds will be available to complete the
project;

(2) The loan shall contain such terms and conditions as the
authority deems appropriate, which terms and conditions shall be
set forth in a resolution adopted by the board in accordance with
the provisions of section ten of this article;

(3) The authority may, in its discretion, include within the
terms of a loan minimum project operating periods, liquidated
damage provisions for cessation of operations prior to the end of
the loan period, loan acceleration provisions, project equipment
purchase options in the event of early closure and other provisions
to protect the jobs intended to be created by the project;

(4) The industrial development agency or enterprise shall pay
such loan fees as may be prescribed by the authority from time to
time pursuant to the provisions of this article.

Money loaned by the authority to an industrial development
agency or enterprise pursuant to subdivisions (2) and (3),
subsection (a) of this section seven shall be withdrawn from the
fund and paid over to the agency or enterprise in such manner as
shall be determined by the authority, and the authority shall
deposit all payments of interest on such loans and the principal
thereof in the fund.